Olivia Wilde, 29, and Jason Sudeikis, 38, are expecting their first child, PEOPLE has learned exclusively.

“They are incredibly happy,” says a source close to both. “They’re very excited to welcome a new member into their family.”

Reps for the couple confirm to PEOPLE that Wilde is pregnant.

The two met on the season finale of Saturday Night Live in 2011 and began dating six months later. They got engaged in January.

Earlier this year, Wilde said she was excited to start a family with Sudeikis in the future. “He’s so good with kids,” she told Marie Claire. “I’m open-minded about how many, but three is like a little party.”